The Simple Way to Find Your Retirement Number

The Simple Way to Find Your Retirement Number

There's no magical, one-size-fits-all way to calculate a retirement number. For example, I've heard many experts say that a good estimator is to multiply your current income by 25, or some similar method.

While these may be good for vague, ballpark estimates, if you want a more accurate picture of how much you'll need in savings for a comfortable retirement, here are five steps that can help you calculate your own retirement number and figure out how much you should be saving each month in order to get there.

Let's look at these steps in more detail, along with an example:

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Source: Fool.com